Saturday, September 19, 2009

One wrong digit and you could be waving goodbye to your money

Online banking loophole riskShifting funds online is an increasingly popular trend among internet bank account users, but people are at risk of losing their cash if they accidentally move it to the wrong account.A loophole in e-banking law means that if, say, you enter a single digit in error and a stranger finds their bank balance boosted, you have no guarantee your money will be returned, warns personal finance website MyMoneyDiva.com.

Clare Logie, 39, a bank worker, lost £2,000 through moving money to the wrong account in April, but the recipient is refusing to respond to requests for the money back. "I feel sick to have lost so much money," she says. "With the concern about jobs at the moment no one wants to lose cash, so this couldn't have come at a worse time."Interesting and worth reading, Please refer here.